Property Lease Requirements
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In a lease, the property is hired for an agreed period, and in return, some payment is paid out for the property. The following lease is wrong in some way and needs correction. On the insurance part, the only person with property insurance is the resident. This insurance policy part does not involve the landlord as an insured party. What should be done is that the tenant should have a valid certificate of insurance, which defines the landlord as an additional insured party (Gunderson, 2012). On what should be added, the contract should entail the owners’ will to protect the tenant’s personal property. There is no security entailed for the tenant’s personal property in the contract. The contact leans so much on the landlord’s side, forgetting that the tenant side is prone to risk. There should be a providence of tenant property protection even before insurance comes into place.
This lease is residential; this is depicted starting from the contract title. The tenant is referred to as the resident in the contract, and some parts of the contract show it to be a residential property. This is also clearly shown in the parking, pets, and occupant guests’ part showing that the property is to be used entirely for residential purposes. The property manager is a significant asset in property leasing, considering their involvement with much of the risk evaluation. The property manager here should ensure that the lease meets the state and federal laws to ensure no rivalry is created. State and federal laws like fair-housing laws should be considered in this part (Melissa, 2005). Considering these laws apply to the owners and the professionals in this field, any discrimination of the law, will contribute to an offense against the state by both parties. The act of discrimination may result in major penalties by the state or federal authority.
Reference
Gunderson Hunt, K. (2012). RISK AND REWARD. Journal of Property Management, 77(1), 46.
Melissa Prandi, M. P. M. (2005). The unofficial guide to managing rental property (Vol. 93). John
Wiley & Sons.